200 WORDS This assignment has 3 parts: Every business or organization must utilize accounting to record, summarize and report business transactions. While the focus in this course is the use of accounting within a business, the same concepts can be used on a personal level. How can you use accounting to manage your personal finances? What are the benefits of keeping track of personal transactions – income and expenses – in an organized manner? What are some of the possible risks if you don’t keep track of personal transactions? .